Caleres Reports Fourth Quarter & Fiscal 2025 Results
ST. LOUIS--( BUSINESS WIRE)--Caleres (NYSE: CAL), a market-leading portfolio of consumer-driven footwear brands, today reported financial results for the fourth quarter and full year 2025, as well as guidance for first quarter and full year 2026.
“Caleres’ fourth quarter exceeded our earnings guidance with sales modestly above expectations and gross margin better than anticipated in both segments,” said Jay Schmidt, president and chief executive officer. “Performance was driven by continued strength in owned eCommerce and international growth, reinforcing our strategic growth vectors. Our Lead Brands once again outperformed, and we gained market share in both women’s fashion footwear and total footwear. We also completed the Stuart Weitzman integration with minimal business disruption. At Famous Footwear, FLAIR remodels continue to outperform the fleet, and our more curated and elevated assortment is resonating with consumers as Famous gained market share in shoe chains.
“As we look ahead, 2026 is shaping up as a build-back year with modest organic sales growth and meaningful earnings recovery. While we have many reasons for optimism, we are also aware that the current geopolitical backdrop presents a level of risk and uncertainty. Profit improvement in 2026 will be driven primarily by our tariff mitigation efforts taking hold and our plan to bring Stuart Weitzman to breakeven profitability. We are confident that executing our strategic plans will result in improved financial performance and drive long-term value for our shareholders.”
Fourth Quarter 2025 Results
(13 weeks ended January 31, 2026, compared to 13 weeks ended February 1, 2025)
Earnings (loss) per diluted share
4Q25
4Q24
GAAP
($0.70)
$0.15
Adjusted
($0.36)
$0.33
Adjusted excluding Stuart Weitzman
($0.06)
$0.33
Fiscal Year 2025 Results
(52 weeks ended January 31, 2026, compared to 52 weeks ended February 1, 2025)
Earnings (loss) per diluted share
FY25
FY24
GAAP
($0.21)
$3.09
Adjusted
$0.61
$3.30
Adjusted excluding Stuart Weitzman
$1.19
$3.30
First Quarter & Fiscal 2026 Outlook
For the first quarter of 2026, we expect sales to increase mid- to high-single digits versus last year. Famous Footwear sales are expected to be down low single digits to flat, with comparable sales of down 2% to up 1%. Brand Portfolio sales are anticipated to be up mid-teens, with low single-digit organic growth. Gross margin is expected to improve 120 to 140 basis points. With discrete items impacting the quarter, we expect a tax rate of 30% to 32%. We expect GAAP earnings per diluted share of $0.21 to $0.26 and adjusted earnings per diluted share of $0.25 to $0.30, as we expect to incur approximately $2 million in remaining Stuart Weitzman acquisition and integration expenses.
For fiscal 2026, we expect total sales to increase low to mid-single digits versus fiscal 2025. Famous Footwear sales are expected to be down low single digits to flat, with comparable sales of down 1% to up 1%. Brand Portfolio sales are anticipated to increase low double digits, with low to mid-single-digit organic growth. Gross margin is expected to improve 140 to 180 basis points as tariff mitigation actions take hold and mix improves. We expect interest expense of approximately $18 million, a full-year tax rate of 28% to 30%, and capital expenditures of $55 to $60 million. We expect GAAP earnings per diluted share of $1.31 to $1.61 and adjusted earnings per diluted share of $1.35 to $1.65, as we expect to incur approximately $2 million in remaining Stuart Weitzman acquisition and integration expenses.
First Quarter 2026
Metric
1Q26 Guidance
Net Sales
Up mid to high-single digits
Gross Margin
Up 120 to 140-bps
Tax Rate
30% to 32%
GAAP EPS
$0.21 to $0.26
Adjusted EPS
$0.25 to $0.30
Fiscal 2026
Metric
FY26 Guidance
Net Sales
Up low to mid-single digits
Gross Margin
Up 140 to 180-bps
Tax Rate
28% to 30%
Interest Expense
~$18 million
GAAP EPS
$1.31 to $1.61
Adjusted EPS
$1.35 to $1.65
Capital Expenditures
$55 to $60 million
Investor Conference Call
Caleres will host a conference call at 10:00 a.m. ET today, Thursday, March 19, 2026. The webcast and associated slides will be available at investor.caleres.com/events-and-presentations. A live conference call will be available at (877) 704-4453 for North America participants or (201) 389-0920 for international participants; no passcode necessary. A replay will also be available at investor.caleres.com/events-and-presentations for a limited period. Investors can access the replay through April 2, 2026 by dialing (844) 512-2921 in North America or (412) 317-6671 internationally and using the pin 13758564.
About Caleres
Caleres is a market-leading portfolio of global footwear brands that includes Famous Footwear, Sam Edelman, Stuart Weitzman, Allen Edmonds, Naturalizer, Vionic, and more. Our products are available virtually everywhere - in the nearly 1,000 retail stores we operate, in hundreds of major department and specialty stores, on our branded eCommerce sites, and on many additional third-party retail platforms. Combined, these brands make Caleres a company with both a legacy and a mission. Our legacy is nearly 150 years of craftsmanship and our passion for fit, while our mission is to continue to inspire people to feel great…feet first. Visit caleres.com to learn more about us.
Definitions
All references in this press release, outside of the condensed consolidated financial statements that follow, unless otherwise noted, related to net earnings (loss) attributable to Caleres, Inc. and diluted earnings (loss) per common share attributable to Caleres, Inc. shareholders, are presented as net earnings (loss) and earnings (loss) per diluted share, respectively.
Non-GAAP Financial Measures and Metrics
In this press release, the company’s financial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures and metrics. In particular, the company provides estimated and future gross profit, operating earnings (loss), net earnings (loss) and earnings (loss) per diluted share, adjusted to exclude certain gains, charges and recoveries and the financial results of the acquired Stuart Weitzman business, which are non-GAAP financial measures. These results are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures and metrics help identify underlying trends in the company’s business and provide useful information to both management and investors by excluding certain items that may not be indicative of the company’s core operating results. This measure and metric should not be considered a substitute for or superior to GAAP results.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking statements and expectations regarding the company’s future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) changes in United States and international trade policies, including tariffs and trade restrictions; (ii) changing consumer demands, which may be influenced by general economic conditions and other factors; (iii) inflationary pressures and supply chain disruptions; (iv) rapidly changing consumer preferences and purchasing patterns and fashion trends; (v) supplier concentration, customer concentration and increased consolidation in the retail industry; (vi) intense competition within the footwear industry; (vii) foreign currency fluctuations; (viii) political and economic conditions or other threats to the continued and uninterrupted flow of inventory from China and other countries, where the company relies heavily on third-party manufacturing facilities for a significant amount of its inventory; (ix) cybersecurity threats or other major disruption to the company’s information technology systems including those related to our ERP upgrade; (x) transitional challenges with acquisitions and divestitures; (xi) the ability to accurately forecast sales and manage inventory levels; (xii) a disruption in the company’s distribution centers; (xiii) the ability to recruit and retain senior management and other key associates; (xiv) the ability to secure/exit leases on favorable terms; (xv) the ability to maintain relationships with current suppliers; (xvi) changes to tax laws, policies and treaties; (xvii) our commitments and shareholder expectations related to responsible business initiatives; (xviii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xix) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights.
The company's reports to the Securities and Exchange Commission contain detailed information relating to such factors, including, without limitation, the information under the caption Risk Factors in Item 1A of the company’s Annual Report on Form 10-K for the year ended February 1, 2025, which information is incorporated by reference herein and updated by the company’s Quarterly Reports on Form 10-Q. The company does not undertake any obligation or plan to update these forward-looking statements, even though its situation may change.
SCHEDULE 1
CALERES, INC.
(Unaudited)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
($ thousands, except per share data)
January 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
Net sales
$
695,062
$
639,226
$
2,757,853
$
2,722,683
Cost of goods sold
404,722
364,118
1,573,075
1,500,641
Gross profit
290,340
275,108
1,184,778
1,222,042
Selling and administrative expenses
310,010
261,664
1,157,515
1,065,019
Restructuring and other special charges, net
6,803
5,574
20,891
7,167
Operating (loss) earnings
(26,473
)
7,870
6,372
149,856
Interest expense, net
(4,677
)
(3,932
)
(18,464
)
(13,957
)
Other expense, net
(1,497
)
(2,944
)
(130
)
(741
)
(Loss) earnings before income taxes
(32,647
)
994
(12,222
)
135,158
Income tax benefit (provision)
8,330
2,913
2,345
(29,061
)
Net (loss) earnings
(24,317
)
3,907
(9,877
)
106,097
Net loss attributable to noncontrolling interests
(1,583
)
(1,023
)
(3,185
)
(1,158
)
Net (loss) earnings attributable to Caleres, Inc.
$
(22,734
)
$
4,930
$
(6,692
)
$
107,255
Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(0.70
)
$
0.15
$
(0.21
)
$
3.10
Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(0.70
)
$
0.15
$
(0.21
)
$
3.09
SCHEDULE 2
CALERES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
($ thousands)
January 31, 2026
February 1, 2025
ASSETS
Cash and cash equivalents
$
29,769
$
29,636
Receivables, net
147,216
155,905
Inventories, net
610,471
565,241
Property and equipment, held for sale
—
16,777
Prepaid expenses and other current assets
75,318
68,950
Total current assets
862,774
836,509
Lease right-of-use assets
562,327
564,330
Property and equipment, net
202,939
175,213
Goodwill and intangible assets, net
204,147
192,274
Other assets
133,603
126,428
Total assets
$
1,965,790
$
1,894,754
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement
$
296,500
$
219,500
Trade accounts payable
191,150
237,038
Lease obligations
127,034
127,522
Other accrued expenses
230,856
173,873
Total current liabilities
845,540
757,933
Noncurrent lease obligations
467,597
479,524
Other liabilities
43,697
51,348
Total other liabilities
511,294
530,872
Total Caleres, Inc. shareholders’ equity
601,851
599,024
Noncontrolling interests
7,105
6,925
Total equity
608,956
605,949
Total liabilities and equity
$
1,965,790
$
1,894,754
SCHEDULE 3
CALERES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
($ thousands)
January 31, 2026
February 1, 2025
OPERATING ACTIVITIES:
Net cash provided by operating activities
$
103,177
$
104,562
INVESTING ACTIVITIES:
Purchases of property and equipment
(63,744
)
(49,147
)
Proceeds from sale of headquarters
15,272
—
Capitalized software
(4,147
)
(2,539
)
Acquisition of Stuart Weitzman, net of cash received
(108,858
)
—
Net cash used for investing activities
(161,477
)
(51,686
)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement
849,500
639,868
Repayments under revolving credit agreement
(772,500
)
(602,368
)
Debt issuance costs
(2,920
)
—
Dividends paid
(9,448
)
(9,694
)
Acquisition of treasury stock
(5,044
)
(65,039
)
Issuance of common stock under share-based plans, net
(3,862
)
(9,276
)
Contributions by noncontrolling interests
2,650
2,000
Net cash provided by (used for) financing activities
58,376
(44,509
)
Effect of exchange rate changes on cash and cash equivalents
57
(89
)
Increase in cash and cash equivalents
133
8,278
Cash and cash equivalents at beginning of period
29,636
21,358
Cash and cash equivalents at end of period
$
29,769
$
29,636
SCHEDULE 4
CALERES, INC.
RECONCILIATION OF NET EARNINGS AND DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS) AND ADJUSTED NET EARNINGS AND ADJUSTED DILUTED EARNINGS PER SHARE, EXCLUDING STUART WEITZMAN (NON-GAAP BASIS)
(Unaudited)
Thirteen Weeks Ended
January 31, 2026
February 1, 2025
Pre-Tax
Net (Loss) Earnings
Pre-Tax
Net Earnings
Impact of
Attributable
Diluted
Impact of
Attributable
Diluted
Charges/Other
to Caleres,
Earnings
Charges/Other
to Caleres,
Earnings
($ thousands, except per share data)
Items
Inc.
Per Share
Items
Inc.
Per Share
GAAP earnings
$
(22,734
)
$
(0.70
)
$
4,930
$
0.15
Charges/other items:
Stuart Weitzman acquisition and integration costs
$
13,192
9,815
0.30
$
—
—
—
Expense reduction initiatives
2,237
1,661
0.05
—
—
—
Organizational changes
1,973
1,465
0.05
—
—
—
Gain on sale of corporate headquarters
(2,551
)
(1,894
)
(0.06
)
Exit of Naturalizer retail store operations
—
—
—
4,216
3,131
0.09
Pension settlement cost
—
—
—
2,716
2,017
0.06
Restructuring costs
—
—
—
1,359
1,009
0.03
Total charges/other items
$
14,851
$
11,047
$
0.34
$
8,291
$
6,157
$
0.18
Adjusted earnings
$
(11,687
)
$
(0.36
)
$
11,087
$
0.33
Stuart Weitzman
Stuart Weitzman impact (1)
$
(13,535
)
$
(9,738
)
$
(0.30
)
$
—
$
—
$
—
Adjusted earnings, excluding Stuart Weitzman
$
(1,949
)
$
(0.06
)
$
11,087
$
0.33
(Unaudited)
Fifty-Two Weeks Ended
January 31, 2026
February 1, 2025
Pre-Tax
Net (Loss) Earnings
Pre-Tax
Net Earnings
Impact of
Attributable
Diluted
Impact of
Attributable
Diluted
Charges/Other
to Caleres,
Earnings
Charges/Other
to Caleres,
Earnings
($ thousands, except per share data)
Items
Inc.
Per Share
Items
Inc.
Per Share
GAAP earnings
$
(6,692
)
$
(0.21
)
$
107,255
$
3.09
Charges/other items:
Stuart Weitzman acquisition and integration costs
$
27,571
20,497
0.62
$
—
—
—
Expense reduction initiatives
9,615
7,140
0.22
—
—
—
Organizational changes
1,973
1,465
0.04
—
—
—
Gain on sale of corporate headquarters
(2,551
)
(1,894
)
(0.06
)
—
—
—
Exit of Naturalizer retail store operations
—
—
—
4,216
3,131
0.09
Pension settlement cost
—
—
—
2,716
2,017
0.06
Restructuring costs
—
—
—
2,951
2,192
0.06
Total charges/other items
$
36,608
$
27,208
$
0.82
$
9,883
$
7,340
$
0.21
Adjusted earnings
$
20,516
$
0.61
$
114,595
$
3.30
Stuart Weitzman
Stuart Weitzman impact (1)
$
(26,265
)
$
(19,683
)
$
(0.58
)
$
—
$
—
$
—
Adjusted earnings, excluding Stuart Weitzman
$
40,199
$
1.19
$
114,595
$
3.30
Represents the pre-tax impact, net loss and diluted loss per share of Stuart Weitzman, adjusted for Stuart Weitzman acquisition and integration costs and $1.4 million $3.0 million of estimated interest on additional borrowings on the revolving credit agreement, for the thirteen and fifty-two weeks, respectively, at an estimated statutory tax rate.
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
January 31,
February 1,
January 31,
February 1,
January 31,
February 1,
January 31,
February 1,
($ thousands)
2026
2025
2026
2025
2026
2025
2026
2025
Net sales
$
354,030
$
358,351
$
361,249
$
300,318
$
(20,217
)
$
(19,443
)
$
695,062
$
639,226
Net sales, excluding Stuart Weitzman (1)
354,030
358,351
304,903
300,318
(20,217
)
(19,443
)
638,716
639,226
Gross profit
150,496
152,461
142,144
125,040
(2,300
)
(2,393
)
290,340
275,108
Adjusted gross profit
150,496
152,461
150,193
125,040
(2,300
)
(2,393
)
298,389
275,108
Adjusted gross profit, excluding Stuart Weitzman
150,496
152,461
123,079
125,040
(2,300
)
(2,393
)
271,275
275,108
Gross margin
42.5
%
42.5
%
39.3
%
41.6
%
11.4
%
12.3
%
41.8
%
44.1
%
Adjusted gross margin
42.5
%
42.5
%
41.6
%
41.6
%
11.4
%
12.3
%
42.9
%
44.1
%
Adjusted gross margin, excluding Stuart Weitzman
42.5
%
42.5
%
40.4
%
41.6
%
11.4
%
12.3
%
42.5
%
44.1
%
Operating earnings (loss)
2,955
6,267
(2,892
)
23,026
(26,536
)
(21,423
)
(26,473
)
7,870
Adjusted operating earnings (loss)
2,955
6,713
8,730
28,277
(23,307
)
(21,546
)
(11,622
)
13,444
Adjusted operating earnings (loss), excluding Stuart Weitzman
2,955
6,713
20,840
28,277
(23,307
)
(21,546
)
488
13,444
Operating margin
0.8
%
1.7
%
(0.8
)
%
7.7
%
n/m
%
n/m
%
(3.8
)
%
1.2
%
Adjusted operating margin
0.8
%
1.9
%
2.4
%
9.4
%
n/m
%
n/m
%
(1.7
)
%
0.2
%
Adjusted operating margin, excluding Stuart Weitzman
0.8
%
1.9
%
6.8
%
9.4
%
n/m
%
n/m
%
0.1
%
2.1
%
Comparable sales % (on a 13-week basis)
0.1
%
(2.9
)
%
—
%
—
%
—
%
—
%
—
%
—
%
Company-operated stores, end of period
821
846
188
114
—
—
1,009
960
n/m – Not meaningful
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Thirteen Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
January 31,
February 1,
January 31,
February 1,
January 31,
February 1,
January 31,
February 1,
($ thousands)
2026
2025
2026
2025
2026
2025
2026
2025
Gross profit
$
150,496
$
152,461
$
142,144
$
125,040
$
(2,300
)
$
(2,393
)
$
290,340
$
275,108
Charges/Other Items:
Stuart Weitzman acquisition and integration costs
—
—
8,049
—
—
—
8,049
—
Total charges/other items
—
—
8,049
—
—
—
8,049
—
Adjusted gross profit
$
150,496
$
152,461
$
150,193
$
125,040
$
(2,300
)
$
(2,393
)
$
298,389
$
275,108
Stuart Weitzman
Stuart Weitzman gross profit
—
—
27,114
—
—
—
27,114
—
Adjusted gross profit, excluding Stuart Weitzman
$
150,496
$
152,461
$
123,079
$
125,040
$
(2,300
)
$
(2,393
)
$
271,275
$
275,108
Operating earnings (loss)
$
2,955
$
6,267
$
(2,892
)
$
23,026
$
(26,536
)
$
(21,423
)
$
(26,473
)
$
7,870
Charges/Other Items:
Stuart Weitzman acquisition and integration costs
—
—
11,509
—
1,683
—
13,192
—
Expense reduction initiatives
—
—
113
—
2,124
—
2,237
—
Organizational changes
—
—
—
—
1,973
—
1,973
—
Gain on sale of corporate headquarters
—
—
—
—
(2,551
)
—
(2,551
)
—
Exit of Naturalizer retail store operations
—
—
—
4,216
—
—
—
4,216
Restructuring costs
—
446
—
1,035
—
(123
)
—
1,358
Total charges/other items
—
446
11,622
5,251
3,229
(123
)
14,851
5,574
Adjusted operating earnings (loss)
$
2,955
$
6,713
$
8,730
$
28,277
$
(23,307
)
$
(21,546
)
$
(11,622
)
$
13,444
Stuart Weitzman
Stuart Weitzman operating loss (2)
—
—
(12,110
)
—
—
—
(12,110
)
—
Adjusted operating earnings (loss), excluding Stuart Weitzman
$
2,955
$
6,713
$
20,840
$
28,277
$
(23,307
)
$
(21,546
)
$
488
$
13,444
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS
(Unaudited)
Fifty-Two Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
January 31,
February 1,
January 31,
February 1,
January 31,
February 1,
January 31,
February 1,
($ thousands)
2026
2025
2026
2025
2026
2025
2026
2025
Net sales
$
1,500,050
$
1,556,456
$
1,315,976
$
1,225,963
$
(58,172
)
$
(59,736
)
$
2,757,854
$
2,722,683
Net sales, excluding Stuart Weitzman (1)
1,500,050
1,556,456
1,213,804
1,225,963
(58,172
)
(59,736
)
2,655,682
2,722,683
Gross profit
647,977
686,627
537,204
536,295
(403
)
(880
)
1,184,778
1,222,042
Adjusted gross profit
647,977
686,627
552,921
536,295
(403
)
(880
)
1,200,495
1,222,042
Adjusted gross profit, excluding Stuart Weitzman
647,977
686,627
504,690
536,295
(403
)
(880
)
1,152,264
1,222,042
Gross margin
43.2
%
44.1
%
40.8
%
43.7
%
0.7
%
1.5
%
43.0
%
44.9
%
Adjusted gross margin
43.2
%
44.1
%
42.0
%
43.7
%
0.7
%
1.5
%
43.5
%
44.9
%
Adjusted gross margin, excluding Stuart Weitzman
43.2
%
44.1
%
41.6
%
43.7
%
0.7
%
1.5
%
43.4
%
44.9
%
Operating earnings (loss)
47,203
87,076
32,289
122,122
(73,120
)
(59,342
)
6,372
149,856
Adjusted operating earnings (loss)
47,476
87,715
54,556
128,465
(59,052
)
(59,157
)
42,980
157,023
Adjusted operating earnings (loss), excluding Stuart Weitzman
47,476
87,715
77,841
128,465
(59,052
)
(59,157
)
66,265
157,023
Operating margin
3.1
%
5.6
%
2.5
%
10.0
%
n/m
%
n/m
%
0.2
%
5.5
%
Adjusted operating margin
3.2
%
5.6
%
4.1
%
10.5
%
n/m
%
n/m
%
1.6
%
5.8
%
Adjusted operating margin, excluding Stuart Weitzman
3.2
%
5.6
%
6.4
%
10.5
%
n/m
%
n/m
%
2.5
%
5.8
%
Comparable sales % (on a 52-week basis)
(2.3
)
%
(1.3
)
%
—
%
—
%
—
%
—
%
—
%
—
%
Company-operated stores, end of period
821
846
188
114
—
—
1,009
960
n/m – Not meaningful
SCHEDULE 5
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
RECONCILIATION OF ADJUSTED RESULTS (NON-GAAP)
(Unaudited)
Fifty-Two Weeks Ended
Famous Footwear
Brand Portfolio
Eliminations and Other
Consolidated
January 31,
February 1,
January 31,
February 1,
January 31,
February 1,
January 31,
February 1,
($ thousands)
2026
2025
2026
2025
2026
2025
2026
2025
Gross profit
$
647,977
$
686,627
$
537,204
$
536,295
$
(403
)
$
(880
)
$
1,184,778
$
1,222,042
Charges/Other Items:
Stuart Weitzman acquisition and integration costs
—
—
15,717
—
—
—
15,717
—
Total charges/other items
—
—
15,717
—
—
—
15,717
—
Adjusted gross profit
$
647,977
$
686,627
$
552,921
$
536,295
$
(403
)
$
(880
)
$
1,200,495
$
1,222,042
Stuart Weitzman
Stuart Weitzman gross profit
—
—
48,231
—
—
—
48,231
—
Adjusted gross profit, excluding Stuart Weitzman
$
647,977
$
686,627
$
504,690
$
536,295
$
(403
)
$
(880
)
$
1,152,264
$
1,222,042
Operating earnings (loss)
$
47,203
$
87,076
$
32,289
$
122,122
$
(73,120
)
$
(59,342
)
$
6,372
$
149,856
Charges/Other Items:
Stuart Weitzman acquisition and integration costs
—
—
19,528
—
8,043
—
27,571
—
Expense reduction initiatives
273
—
2,739
—
6,603
—
9,615
—
Organizational changes
—
—
—
—
1,973
—
1,973
—
Gain on sale of corporate headquarters
—
—
—
—
(2,551
)
—
(2,551
)
—
Exit of Naturalizer retail store operations
—
—
—
4,216
—
—
—
4,216
Restructuring costs
—
639
—
2,127
—
185
—
2,951
Total charges/other items
273
639
22,267
6,343
14,068
185
36,608
7,167
Adjusted operating earnings (loss)
$
47,476
$
87,715
$
54,556
$
128,465
$
(59,052
)
$
(59,157
)
$
42,980
$
157,023
Stuart Weitzman
Stuart Weitzman operating loss (2)
—
—
(23,285
)
—
—
—
(23,285
)
—
Adjusted operating earnings (loss), excluding Stuart Weitzman
$
47,476
$
87,715
$
77,841
$
128,465
$
(59,052
)
$
(59,157
)
$
66,265
$
157,023
SCHEDULE 6
CALERES, INC.
BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
January 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
($ thousands, except per share data)
Net (loss) earnings attributable to Caleres, Inc.:
Net (loss) earnings
$
(24,317
)
$
3,907
$
(9,877
)
$
106,097
Net loss attributable to noncontrolling interests
1,583
1,023
3,185
1,158
Net (loss) earnings attributable to Caleres, Inc.
(22,734
)
4,930
(6,692
)
107,255
Net earnings allocated to participating securities
—
(165
)
—
(3,839
)
Net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
(22,734
)
$
4,765
$
(6,692
)
$
103,416
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
32,536
32,477
32,518
33,397
Dilutive effect of share-based awards
—
147
—
116
Diluted common shares attributable to Caleres, Inc.
32,536
32,624
32,518
33,513
Basic (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(0.70
)
$
0.15
$
(0.21
)
$
3.10
Diluted (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(0.70
)
$
0.15
$
(0.21
)
$
3.09
SCHEDULE 7
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
January 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
($ thousands, except per share data)
Adjusted net (loss) earnings attributable to Caleres, Inc.:
Adjusted net (loss) earnings
$
(13,270
)
$
10,064
$
17,331
$
113,437
Net loss attributable to noncontrolling interests
1,583
1,023
3,185
1,158
Adjusted net (loss) earnings attributable to Caleres, Inc.
(11,687
)
11,087
20,516
114,595
Net earnings allocated to participating securities
—
(377
)
(752
)
(4,106
)
Adjusted net (loss) earnings attributable to Caleres, Inc. after allocation of earnings to participating securities
$
(11,687
)
$
10,710
$
19,764
$
110,489
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
32,536
32,477
32,518
33,397
Dilutive effect of share-based awards
—
147
—
116
Diluted common shares attributable to Caleres, Inc.
32,536
32,624
32,518
33,513
Basic adjusted (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(0.36
)
$
0.33
$
0.61
$
3.31
Diluted adjusted (loss) earnings per common share attributable to Caleres, Inc. shareholders
$
(0.36
)
$
0.33
$
0.61
$
3.30
SCHEDULE 8
CALERES, INC.
BASIC AND DILUTED ADJUSTED EARNINGS PER SHARE, EXCLUDING STUART WEITZMAN RECONCILIATION
(Unaudited)
Thirteen Weeks Ended
Fifty-Two Weeks Ended
January 31, 2026
February 1, 2025
January 31, 2026
February 1, 2025
($ thousands, except per share data)
Adjusted net (loss) earnings, excluding Stuart Weitzman, attributable to Caleres, Inc.:
Adjusted net (loss) earnings, excluding Stuart Weitzman
$
(3,532
)
$
10,064
$
37,014
$
113,437
Net loss attributable to noncontrolling interests
1,583
1,023
3,185
1,158
Adjusted net earnings, excluding Stuart Weitzman, attributable to Caleres, Inc.
(1,949
)
11,087
40,199
114,595
Net earnings allocated to participating securities
—
(377
)
(1,520
)
(4,106
)
Adjusted net (loss) earnings, excluding Stuart Weitzman, attributable to Caleres, Inc. after allocation of earnings to participating securities
$
(1,949
)
$
10,710
$
38,679
$
110,489
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares
32,536
32,477
32,518
33,397
Dilutive effect of share-based awards
—
147
—
116
Diluted common shares attributable to Caleres, Inc.
32,536
32,624
32,518
33,513
Basic adjusted (loss) earnings per common share, excluding Stuart Weitzman, attributable to Caleres, Inc. shareholders
$
(0.06
)
$
0.33
$
1.19
$
3.31
Diluted adjusted (loss) earnings per common share, excluding Stuart Weitzman, attributable to Caleres, Inc. shareholders
$
(0.06
)
$
0.33
$
1.19
$
3.30
SCHEDULE 9
CALERES, INC.
RECONCILIATION OF DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS)
(Unaudited)
(Unaudited)
First Quarter 2026 Guidance
Fiscal 2026 Guidance
Low
High
Low
High
GAAP diluted earnings per share
$
0.21
$
0.26
$
1.31
$
1.61
Stuart Weitzman acquisition and integration costs
0.04
0.04
0.04
0.04
Adjusted diluted earnings per share
$
0.25
$
0.30
$
1.35
$
1.65